Tunisia PM Says Rating Downgrade Unfair

Tunisian Prime Minister Hamadi Jebali criticised Standard & Poor's decision to downgrade the country's rating, saying it was punishing the country's fledgling democracy.

The ratings agency on 23 May cut Tunisia to a speculative 'BB/B' level due to political uncertainty and weaker economic outlook. "Today we're going through a post-revolutionary phase. It is natural that there should be troubles, strikes and sit-ins. But this looks like democracy is being punished," Jebali said on television. He insisted that "all the economic indicators show that there is progress."

A popular uprising led to the ouster in January 2011 of long-time dictator Zine El Abidine Ben Ali, tipping the first domino of the so-called Arab Spring which is still sweeping the region. Jebali pointed out that Standard & Poor's had granted Ben Ali's Tunisia a BBB+ rating in 1994.